Riyadh – Mubasher: Riyad Capital, manager of Riyad REIT, said the fund had penned a SAR 540 million Sharia-compliant credit facility agreement with Riyad Bank.
The loan duration is five years extendable to an additional three years. The facility amount will be paid once after five years from each withdrawal, according to a recent bourse filing.
“As a security for the facility, a promissory note will be provided and income-generating properties will be pledged,” the fund manager said.
Riyad REIT will use the loan in financing acquisitions of new properties, investments, and projects, a step that is expected to reflect positively on its financial performance.
